Bitcoin: Trend Up?
Eddie Tofpik | Nov 06, 2017 06:00
The cautious attempts higher accelerated during the past month and we saw a significant pop higher after the first third of the month as prices made new highs. There was then consolidation around the very important Middle Tine of the July - September Andrews Pitchfork that has been running the Bullish angle of attack of this market for the last few months. We actually formed a small Bullish Channel parallel to the Middle Tine for most of the rest of the month till this last week when spurned on by the announcement of an imminent Bitcoin futures contract on the CME (NASDAQ:CME), the market surged and rode up over some projected resistance at 6985 to test the Upper Tine (currently 7542) of the same AP that's been key to the market in recent times.
This is where we currently are...so where now? The Upper Tine is providing resistance to what is still a very overt Bullish market...so for the moment stick with that and the bullet point above reflects that by moving to fully Bullish. However, if we were to regard the action in the late two thirds of October as a possible Bullish Halfway Hesitation then we could see a target for such a formation at about 8200...not that far away. It may be that is all we have along with the Bullish AP and the projected Fibs to see as resistance. However, only consecutive closes under the recent 50% Fib currently at 5279 would make any thought of a Neutral market enter the conversation whilst you'd have to look at sub 3000 to turn this Bearish. Bullet point above stays firmly Bullish.
Support is currently at 6985, 6752, 6285, 6219, 5983, 5824, 5746, 5388 and 5279.
Resistance is currently at 7542, 7588, 8200, 8534, 8826, 9118, 9356, 9903 and 10064.
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